Bank stocks led gains as key benchmark indices moved up further in morning trade. The barometer index, the S&P BSE Sensex, was currently up 275.93 points or 1.08% at 25,729.49. The 50-unit CNX Nifty was up 92.70 points or 1.2% at 7,809.70. The broad market depicted strength. There are more than three gainers against every loser on BSE. The BSE Small-Cap index was up 1.44%, outperforming the Sensex. The BSE Mid-Cap index was up 1.04%, underperforming the Sensex.
Realty stocks edged higher on renewed buying. Cement stocks also gained.
Overseas cues were positive. Asian stocks were in green after a rally in US stocks overnight.
At 10:17 IST, the S&P BSE Sensex was up 275.93 points or 1.08% at 25,729.49. The index rose 291.90 points at the day's high of 25,745.46 in morning trade. The index rose 102.21 points at the day's low of 25,555.77 in early trade.
The CNX Nifty was up 92.70 points or 1.2% at 7,809.70. The index hit a high of 7,810.50 in intraday trade. The index hit a low of 7,754.05 in intraday trade.
The BSE Mid-Cap index was up 108.77 points or 1.04% at 10,545.84, underperforming the Sensex. The BSE Small-Cap index was up 154.32 points or 1.44% at 10,903.95, outperforming the Sensex.
The market breadth indicating the overall health of the market was quite strong. There are more than three gainers against every loser on BSE. 1,442 shares rose and 403 shares declined. A total of 48 shares were unchanged.
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Realty stocks edged higher on renewed buying. DLF (up 8.58%), Indiabulls Real Estate (up 6.7%), Housing Development & Infrastructure (up 8.35%), Oberoi Realty (up 4.9%), D B Realty (up 5.38%), Prestige Estates Projects (up 1.78%), Sobha (up 2.41%), Godrej Properties (up 4.5%) and Unitech (up 4.22%) edged higher.
Cement stocks gained. Ambuja Cements (up 3.87%), ACC (up 2.15%), UltraTech Cement (up 1.63%) and Shree Cement (up 0.52%) edged higher.
Grasim Industries was up 0.12% at Rs 3,422.40. Grasim has exposure to cement sector through its holding in UltraTech Cement.
Among macro data, the Nikkei India Service PMI data for the month of August 2015 is due at 10:30 IST today, 3 September 2015. The seasonally adjusted Nikkei Services Business Activity Index rose back above the 50 no-change mark in July, posting 50.8 from 47.7 in June.
The Chief Economic Adviser (CEA) Dr Arvind Subramanian in a statement yesterday, 2 September 2015, with regard to recently released first quarter GDP data of the current financial year said that at a time of sharp declines in the price of oil, which led to sharp changes in indirect tax collections and subsidy payments, national income data have to be interpreted with care. Overall, economic growth is moving in the right direction, although its pace is still below what the economy needs. The growth rate is expected to pick up pace in response to the ongoing reforms, Subramanian said. The real challenge that looms ahead appears not to be price inflation but possibly price deflation, he added.
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